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Perlite Canada Inc(PCI.V) Due Diligence Report Price: $0.18 Common Shares: 10,813,059 Insider Holdings: 2,823,000 or 26.1% as per the information circular sheet Institutional Holdings: 2,790,000 or 25.4% as per the information circular sheet Total Holdings: 51.5% or 5,613,000 Website: www.perlitecanada.com 9 Month Revenue/Income 2016 Sales - $5,475,625 (2015 - $4,638,593) 2016 Profit - $673,646 (2015 – Loss of $96,376) 2016 earnings per share of $0.062 (With one time earning included) 2016 earnings per share of $0.027 (Without one time earning included) Note: One time earning of $388,029 due to a legal issue that has been settled ASSETS Accounts Receivable: $1,022,898 Tax Credit Receivable: $32,738 Inventory: $481,069 Prepaid Expenses: $79,153 Property & Equipment: $2,671,863 Customer Relationships: $101,675 Total Assets: $4,389,396 LIABILITIES Bank Debt: $767,414 Accounts Payable: $2,224,589 Current portion of long term debt: $384,404 Loans: $9,594 Long term debt: $48,795 Total Liabilities: $3,434,796 MD&A Highlights Perlite Canada inc. (the "Corporation") specializes in the processing, distribution and sale of perlite and vermiculite. The Corporation generated revenues of $ 1,748,845 during the third quarter ended July 31, 2016 (the “3rd Quarter 2016”) compared to $ 1,355,475 as at July 31, 2015, which represents an increase of sales of approximately 29%. For the nine month period ending on July 31, 2016, total sales were $5,475,625 compared to $4,638,593 for the same period in 2015, being an increase of approximately % 18. The increase of the Corporation’s revenues during the nine month period ended July 31, 2016 is therefore mainly explained by the increase of sales of perlite products. The Corporation does not own a perlite or vermiculite mine and sources its raw perlite and vermiculite from third party suppliers. A change of raw material supplier can generate fluctuations in costs and/or product characteristics. In order to ensure an optimal supplying of raw material, the Corporation is in constant contact with different mines around the world and periodically analyzes available perlite and vermiculite sources. Management of the Corporation believes that the Corporation counts presently on sufficient sources to ensure a steady perlite and vermiculite supply for the next fiscal years. For the nine month period ending on July 31, 2016, the Corporation registered earnings before taxes of $673,646 compared to a loss before taxes of $96,376 for the nine month period ended July 31, 2015. Without taking into account the Gain on Settlement, the Corporation would have recorded earnings of $285 617. Management believes that the Corporation has the ability to continue as a going concern notwithstanding the fact the it has a negative working capital because, on the one hand, the Corporation is in compliance with its financial ratios and on the other hand its long term debt will be totally reimbursed during the next few months. Furthermore, the Corporation adjusted the selling prices of its products during the previous quarter of 2016. Moreover, the Corporation has a relatively stable customer basis with which it has had a good relationship for years. | ||||||||||||||
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